PORTLAND, Ore., July 8, 2014 /PRNewswire/ -- Six university student teams and faculty from across the U.S. met on May 9, 2014 in Seattle, WA to participate in the first-ever national BVR/SPU Valuation Challenge hosted by The School of Business and Economics at SPU. In this unique financial competition, students completed a business valuation of a real private company using leading appraisal information in a contest judged by 20 of the nation's senior valuation experts.
For the competition, Business Valuation Resources (BVR), the go-to information source for the business valuation profession, provided access to numerous data sources at no charge to the student teams and Moss Adams, one of the 15 largest accounting firms in the U.S., provided a full valuation report with only names and some locations changed. The experts selected six teams from 18 U.S. university first round entrants to compete in the finale. The final six teams flew to Seattle to present their valuations with cash awards going to the top three teams.
"The gap between textbook theory and private appraisal practice is a big one," said Dr. Herber Kierulff, Snellman Professor of Entrepreneurship and Finance at Seattle Pacific University and host of the BVR/SPU Valuation Challenge. "The purpose of the Challenge is to help narrow it."
The competition was won by the University of Denver. The university was represented by a team of students that included Jordyn Michaud, Suyun Gu, Ryan Stine, Daniel OLaughlin, and Paul Diegnau. The faculty advisor for the university was Douglas Brothers. The team took home the cash prize of $5,000.
"All the presentations were impressive," said Adam Manson, Manager of Financial Research at BVR and sponsor of the BVR/SPU Valuation Challenge. "It was amazing to see how much knowledge the students acquired in a relatively short period of time. They are going to be well ahead of their graduating peers if they enter the business valuation industry."
Portland State University took second honors and SPU placed third. Middle Tennessee State University, University of Maryland (University College), and William Paterson University were the other finalists who made it to Seattle. The second and third place teams received $2,500 and $1,500, respectively.
The esteemed judges who volunteered their time were:
- Rob Brewer, CPWA (U.S. Trust, Bank of America Private Wealth Management)
- Peter J. Butler, CFA, ASA, MBA (Valtrend, LLC)
- Nathan DiNatale, CPA/ABV, CVA (SC&H Group, LLC)
- Robert Dohmeyer, ASA (Dohmeyer Valuation Corp)
- Willis E. Eayrs, CVA, CM&AA, CMAP, CEPA, ICVS (International Association of Consultants, Valuators and Analysts)
- William A. Hanlin, Jr. CPA, CVA, CFE, CFD, ICVS (International Association of Consultants, Valuators and Analysts)
- William L. "Larry" Houff, CPA, ABV, CVA, CFF, Partner (Carr, Riggs & Ingram, LLC)
- Jerome Karsh, CPA (Karsh Forensic Consulting, LLC)
- Joseph M. Maas, CFA, CVA, ABAR, CM&AA, CFP, ChFC, CLU, MSFS, CCIM (Synergetic Finance)
- Alina V. Niculita, CFA, ASA, MBA (Shannon Pratt Valuations, Inc.)
- Marek Omilian CFA (Value Prism Consulting )
- Miranda Rickert (Moss Adams LLP)
- Katie Robinette, CFA (Cornerstone Advisors)
- Robert Schlegel, ASA, MCBA (Houlihan Valuation Advisors)
- Ronald L. Seigneur, MBA, CPA/ABV, ASA, CVA, CFF (Seigneur Gustafson LLP)
- Erich Sylvester, JD, MBA, ASA (Sylvester Valuation Group, Inc.)
- Gary R. Trugman CPA/ABV, MCBA, ASA, MVS (Trugman Valuation Associates, Inc.)
- Linda Trugman CPA/ABV, CBA, ASA, MBA (Trugman Valuation Associates, Inc.)
- Kevin R. Yeanoplos, CPA/ABV/CFF, ASA (Brueggeman and Johnson Yeanoplos, P.C.)
- Mark L. Zyla CPA/ABV, CFA, ASA (Acuitas, Inc.)
Most importantly, the students gained valuable knowledge of private business valuation. Some of the student feedback included, "easily the best experience of my college career," and "I learned more from this challenge than all of my classes this semester."
The second annual BVR/SPU Valuation Challenge will begin in September 2015. Students and faculty interested in participating are encouraged to contact Dr. Herbert Kierulff at [email protected] or Adam Manson at [email protected] for more information. Additionally, those willing to make a donation to help fund the upcoming challenge are also encouraged to reach out.
Adam Manson, Manager of Financial Analysis
Business Valuation Resources, LLC
1000 SW Broadway, Suite 1200
Portland, OR 97205
Email: [email protected]
Phone: (503) 291-7963 (ext. 105)
Herbert Kierulff, DBA
Snellman Professor of Entrepreneurship and Finance
School of Business and Economics
Seattle Pacific University
3307 Third Avenue West, Suite 201
Seattle, WA 98119
Email: [email protected]
SOURCE Business Valuation Resources